The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of AZZ Inc. (NYSE: AZZ) who purchased shares between April 22, 2015 and January 8, 2018. The action, which was filed in the United States District Court for the Northern District of Texas, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (i) the Company misstated revenues for its Energy Segment for the duration of the Class Period; (ii) the Company failed to report revenues in compliance with FASB Accounting Standards; (iii) the Company lacked adequate internal controls over financial reporting; (iv) its purported efforts to evaluate revenue recognition standards had been an apparent failure; and that (v) as a result of the foregoing, AZZ's financial statements were materially false and misleading. On January 9, 2018, AZZ disclosed the determination that the Company “historically should have accounted differently for certain contracts within its Energy Segment. As a result, AZZ is reviewing the impact of this determination on its historical accounting and financial results from 2015 through 2017 and announced it is delaying the release of its Form 10-Q for the quarter ended November 30, 2017.
Shareholders have until March 12, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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